Twitter shares fell on Monday after the company revealed that its largest shareholder Elon Musk has dropped his plans to join the board of directors
WASHINGTON (Pakistan Point News / Sputnik - 11th April, 2022) Twitter shares fell on Monday after the company revealed that its largest shareholder Elon Musk has dropped his plans to join the board of directors.
On Monday morning the shares of Twitter were down 2.66% at $45, CNBC reported, citing market data.
On Sunday, Twitter CEO Parag Agrawal said that the SpaceX and Tesla chief decided against joining the Twitter board. He noted that the board of directors had many discussions about Musk joining and believed that it "was the best path forward," but at the same time was "clear about the risks."
On April 4, the US Securities and Exchange Commission said that Musk had acquired a 9.2% stake in Twitter. On the same day, the microblogging company's shares jumped by 28%.
